GBPUSD: Unless GBP breaks and holds above the 1.5774/78 levels, its present upside attempt is likely to fail. This will leave the pair targeting further declines towards the 1.5489/57 levels where a violation will pave the way for a move lower towards the 1.5391 level. A clearance of here will turn focus to its Jun 2012 low at the 1.5266 level. Further down, support lies at its July 18’2010 low at 1.5122. Conversely, the pair will have to break and hold above the 1.5774/78 levels to end its bear threats and trigger price extension. In such a case, the 1.5857 level will come in as the next upside where a violation will expose the 1.6000 level. On the whole, GBP faces downside risks despite recovery attempts.